World Bank economists seek oil subsidies' end

April 16, 2015 12:48 AM

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WASHINGTON — Top economists at the World Bank continued their push Wednesday to persuade developing nations to abandon policies that subsidize fuel prices, saying the recent plunge in oil prices makes such changes easier to implement.

"This is an opportunity for a regime switch in terms of how you do your oil pricing," Kaushik Basu, the World Bank's chief economist, said during a roundtable discussion of global oil markets at the spring meetings of the bank and the International Monetary Fund in Washington.